Generic EpiPen to Hit Mylan (MYL) EPS by a Modest 2% - Leerink
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Leerink Partners analyst Jason Gerberry weighed in on Mylan (NASDAQ: MYL) after the company announced the launch of a generic version of its EpiPen amid price scrutiny.
Gerberry estimates the launch of an EpiPen authorized generic (AG) will have a 8-14% impact on the '16-17E EpiPen sales estimates and a modest impact (~2%) on estimated EPS forecasts.
The firm's analysis assumes: (1) EpiPen TRx volume growth of 3% Y/Y in '17E; (2) the AG captures ~35% and ~65% of 4Q16E and FY 2017E EpiPen TRx and; (3) net pricing of $344/TRx and $285/TRx for the brand and AG respectively.
The firm maintained an Outperform rating and price target of $55 on MYL.
Shares of Mylan closed at $43.03 yesterday.
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